Blog

Revealing Blockchain’s True Potential in Supply Chain Management

24 April 2020

We consume a variety of products every day ranging from eatables to beverages, but have you how given a thought how far these products travel before reaching us? These products come through a wide and extended supply chain. Supply chain management, however, is loaded with a myriad of issues, certainly because of the presence of middlemen.

Before the Blockchain technology was integrated with SCM, middlemen played a great role in managing data and enabling trust in a supply chain. But one of the biggest disadvantages of involving middlemen is the increased probability of frauds, but thanks to Blockchain technology, we do have a solution.

Supply chain management – Challenges Involved

Have you ever wondered why do we need Blockchain at all, and what miracle Blockchain is going to do in the Supply chain? Well, to understand this, you need to take a sneak peek into the pitfalls of supply chain management. Below are some of the major ones:

Data consolidation and visibility

Manual, paper-based record keeping of the supply chain data may involve scattered and incomplete information. Blockchain record-keeping solutions are best suited for concerns surrounding data consolidation and visibility, as all stakeholders have a common ground for sharing and storing information securely.

Traceability, transparency, and trust

Tracking the source of the counterfeits and flawed parts is a difficult task, which reduces trust between various stakeholders of the supply chain. Integrating Blockchain technology in SCM gives the advantage of having an entire geographical flow of the products.

Counterfeits

According to research, counterfeit food and beverages account for more than 70 percent of all the produces in the supply chain. With Blockchain technology, one can manage diverse stakeholders and guarantee that genuine products are being transported.

Supply Chain Management – Blockchain’s potential

With the distributed ledger driven by Blockchain, many industries can enhance the overall efficacy of the supply chain. Blockchain can revolutionize the entire supply chain. How? Well, there are many shreds of evidence to prove the same. Some of them are listed below:

Traceable and Immutable Records

The data stored on Blockchain is immutable and requires digital signatures to access it, which confirms the information ownership. When multiple organizations are working together, they are privileged to store information on a common platform, and these records cannot be altered and are highly traceable too.

Reducing supply chain costs

Various inefficiencies in the supply chain management create a lot of waste, especially in industries having perishable goods such as food industry. With the help of Blockchain technology, the fees associated with funds passing in multiple accounts and payment processors can be eliminated.

Provenance tracking

It may sound crazy, but sometimes even the MNCs don’t have the complete knowledge of the backstories of the products in their supply chains. This lack of transparency opens up the gaps for cost overruns. A supply chain based on Blockchain can provide a definitive system of records, which helps in easy tracking of commodities involved in the supply chain.

Blockchain in Supply Chain – A Real-World Use Case

Remember the times when the E-Coli virus brought the spinach industry to a standstill? Well, it turns out that the food industry has experienced the magic of Blockchain and is using it to build efficient supply chains.

Many reputable organizations such as Walmart are teaming up with organizations that provide efficient Blockchain technology solutions that can be integrated into their supply chain management. One such organization is IBM, which provides the “Food Trust” Blockchain supply chain solution.

The following flowchart would help you to get a better view of how the Blockchain technology enables information and tracking of products.

The closure

In a nutshell, Blockchain technology has immense potential to serve humanity and solve real-life problems, but it is still in its early stages of implementation in Supply chain management. Getting the right technologies, lack of transparency, trust, and data consolidation are the main challenges in supply chain management. While integrating Blockchain technology in the Supply chain we can easily overcome these challenges.

We are a reliable Blockchain development company with a paramount experience in developing innovative industry-focused solutions leveraging Blockchain technology. If you are also looking to streamline your supply chain operations through Blockchain, then we’ve got you covered. You can look around our Blockchain case studies to explore some of our past successes in the Blockchain space. Watch it in an exclusive demo session prepared exclusively for you. Schedule your demo session here.

Debut Infotech is a global mobile app and digital product development company that leverages Blockchain, IoT, AI, and other cutting-edge technologies to help SMEs, startups, and global enterprises harness the incredible power of modern digital products to drive their online businesses to unwavering new heights.

Fresh thinking keeps the business world spinning. No idea is too bold. No gap is too wide. No app is too much. We are willing to make that leap of faith. We believe in being the best at what we do. How? By consistently looking for and trying out new and better ways to do things.

Deliver Results

When you ring a bell, you can make noise or you can create harmony. When it rains, it can get dark and dreary, or produce a rainbow. Results matter most. We keep this in mind, and in focus, which is how we always deliver the desired results, with apps that work amazingly well.

Embrace Transparency

You want conversation, go to a coffee shop. You want philosophy, talk to Plato. You want apps that make you go WOW, come to Debut Infotech. We are who we are because we breathe, live and sleep apps. Apps make our world go around. That's as clear and simple as it gets.

Seek Mastery

You can become an expert when you do something over and over. Practice makes perfect and so on. However when you do it the 100th time with the same enthusiasm you had the first time, then you do it with something be prepared to learn every time.

Take Ownership

The flag doesn't fly at the base of a mountain. A sovereign does not look around for responsibility. Similarly every individual at Debut Infotech reigns supreme in his or her domain. Why? Because they've arrived at where they are after scaling the heights and exploring the edges.

Have Fun

Dancing to the tune playing in your head is preferred to scratching it. Climbing a wall is better than getting stuck behind it. It's important to enjoy working because only then can we produce the desired result. Doing cartwheels in the aisle between workstations or on the conference table isn't frowned upon but rather encouraged.

Idea

Your idea is handled with care. Non-Disclosure Agreements and Non-Competitive Clauses are standard before commencing any project. We take all the necessary steps to ensure the strictest confidence to protect our client's interests.

Initial Discussion

First things first. You brief us on your project. You tell us about your idea. Or you can keep things completely confidential and request for an initial discussion to evaluate mutual compatibility and comfort levels.

Proposal/Contract

Once we agree on the scope of work, then a proposal is submitted with complete breakdown of project costs and schedule. This is followed by a contract indicating the key deliverables and payment milestones.

Workshop

We'll put our minds together in an interactive session to explore every possible aspect of the project. Product strategy and usage parameters are discussed, defined and refined. ROI, UX and analytics are taken into account so we can make data-driven decisions.

Sprint Planning

We chart a course for the design and development process. Every cycle of product development is defined such as design, prototyping, development, deployment, testing and review. Resources are allocated, roles defined and schedules set.

Iterative Development

The product is designed, tested, modified and features added so that it grows and develops with optimal use of time and resources. Collaborative interaction, constant feedback and course-corrections allow room for flexibility and improvement during the development process.

Beta Launch

Release a user-ready version while continuing to improve and modify the product to resolve issues. Gain the advantage of relevant and reliable user driven feedback. Evaluate product performance and its ability to deliver solutions in the real world.

Maintain

Ensure that the product functions to its optimal performance level and also generates maximum returns. Smart product management involves tracking high level user behavior as well as minor details to expand user benefits and relevance.

Project Inquiry

Send us your requirements and we will get back to you with a free quote!